Pensions - Articles - Greatest concerns about IFRS17 revealed by insurers

 Stephen Makin, Head of Risk and Capital Management responds to the findings: “The distribution of responses shows that concerns within the insurance industry are wide-ranging when it comes to implementing the new accounting standard. Adopting IFRS 17 will affect almost every aspect of the business and will require a much greater involvement of actuaries in profit reporting than the industry has been used to.

 “It is no surprise that implementation challenges – covering system changes, new data requirements, resource needs and the inevitable cost implications – were of chief concern in our poll. The scale of the task at hand should not be underestimated, especially when combined with the complexities of managing the one-off transition by 2021.”